Essay topic: why companies use currency derivatives?
Currency derivative can be defined as a contract or financial agreement to exchange two currencies at a given rate or a contract whose value is derived from the rate of exchange of two currencies on spot (Shoup, 1998). Currency derivatives are developed and adopted to implement a strategy known as hedging, in which an organisation acquires a contract in order to offset an expected drop or rise in value of a position or future cash flow (Belk & Edelshain, 1997). This essay will outline the incentives and rationales behind an organisation that uses currency derivatives.
There are three types of currency derivatives used in hedging, future contracts, forward contracts and options, although swaps are also commonly considered as a currency derivative (Shoup, 2008). These instruments are derived from a spot rate, which is the price of the ―underlying currency‖ (Eiteman, Stonehill & Moffett, 2009). Options are normally more costly than future contracts and forward contracts, because options are rights rather than obligations to buy or sell a currency (gives buyers the right not to exercise the contract if the spot rate movement is not favourable) (Belk & Edelshain, 1997). Research in New Zealand indicates that 70% of currency derivative users used forwards, which are most prevalent currency derivative instrument (Chan, Gan & McGraw, 2003). This is possibly because forwards are easy to manage and understand and can be used in frequent and uncertain transactions. Over-the-counter options are the second most popular instrument by NZ users of currency derivatives (40%), as options give users more flexibility (selling or buying a currency only when the firm can earn profit) (Chan et al, 2003).
There are basically two purposes currency derivatives serve when they are used. The first is to speculate on the favourable currency movement and earn profit from currency fluctuation (Eiteman et al, 2009). This normally requires users to have profound knowledge of currency movements and accurate expectation. However, the benefit is that participants can earn profits. A good example is that international investors are scheduled to create a dairy product derivative in New
Zealand in June. Although not qualified as a currency derivative in technical terms, this derivative bears resemblance to currency derivatives essentially (Rutherford, 2010). For example, if a buyer believes that the future rate is lower than the spot rate at a given date, he/she can enter a future contract to buy a dairy product at that date and then sell it immediately in the spot market therefore earning the differentials. The currency derivative operates in the same principle.
In a study of the US’s fortune 500 firms, Geczy, Minton & Schrand (1997) found that hedging is used by organisations normally for risk minimisation rather than speculation. A potential explanation is that it is a complex job to predict currency movements; the expense of analysing currency movements which cannot be justified by income (Maurer & Valiani, 2007). Let alone, exposure to currency risk can be compounded by economic exposure. Organisations are more likely to perceive currency fluctuation as a threat rather than an opportunity. This accounts for the fact that when an organisation suspects that a financial distress is imminent, it is very likely to use a currency derivative while this threat is remote, it will not use a currency derivative (Hagelin, 2003). In New Zealand, Air NZ is a successful firm which has used foreign exchange derivative. As an organisation whose income is heavily exposed to exchange rate changes, Air NZ has enriched experience in the use of hedging. In 2009, the organisation earned a total of $ 272 million dollars from hedging, compared to its total net profit of $ 118 million (McNabb, 2009). Although Air NZ claimed that the hedging is not in speculative nature, it is clear that the organisation’s successful prediction over the appreciation of New Zealand dollars allowed it to profit from boosting income at a relatively low forward contract rate (compared to the spot rate).
The second is to combat the unfavourable currency movement by reducing the negative impact of currency exposure (Eiteman et al, 2009). This can be understood by the fact that for an organisation who is involved in international business, exposure to currency fluctuation accounts for the dramatic variance of the organisation’s income and expenses(Cusatis & Thomas, 2005). It is found that forward contracts are normally used to eliminate the variance involved in
contractual commitments while option-type contracts are used to reduce the impact caused by uncertain foreign currency denominated future cash flows (Bodnar & Gebhardt, 1999). As in most cases, payment and experiences are contractual obligations, forward contracts are more popular, but for big organisations who have a bigger number of uncertain payments received from overseas customers, options can be also commonly seen (Bodnar & Gebhardt, 1999). In general, an organisation that has a higher level of foreign pretax income is more likely to benefit from hedging in this case (Geczy, et al, 1997).
A good example to illustrate this is that assuming Fonterra is to receive a payment from a US customer due in six months, Fonterra might enter a forward contract with the speculation that the NZ dollars will be appreciated during this period (leading to a lower income when the USD-dominated payment is converted into NZ dollars). In this situation, a forward contract, which might allow Fonterra to sell USDs at a higher USD/NZD rate, Fonterra can thus gain protection from a potential loss to its income. This example is simple and hypothetical, but sufficient to illustrate how an organisation can reduce transaction exposure by using currency derivatives. In 2010, Fonterra owes its financial performance to the positive hedging gains despite the appreciation of New Zealand dollars (Andrea, 2010).
A close control over cash flows also has other implications. Geczy, et al (1997) argue that it affects an organisation’s pricing strategies. For medium enterprises, which normally cannot afford to sustain their products’ prices in an offshore market for a protracted period of time (regardless of dramatic currency fluctuation), currency derivatives enable them to fix the cost of its operation at a specific date in future, thereby making it easier to price its products (Hill, 2006). That’s perhaps the main reason why Geczy, et al (1997) found that firms in the consumer goods industry are more likely to use currency derivatives than other industries, as these firms are sensitive to any change in the price, which can have a heavy impact on their bottom line. Years ago, Air NZ used hedging to fix the fuel it purchased from its global suppliers and therefore protected itself from
the surge in the fuel price, which occurred between 2006 and 2008 (Eiteman et al, 2009).
In New Zealand, many organisations such as KiwiBank and Telecom have debts denominated at foreign currencies. If New Zealand dollars are depreciated substantially, these organisations would be at risk of financial losses or even bankruptcy. Derivatives such as futures and forwards provide considerable certainty and predictabi lity over an organisation’s cash flow so the organisation as well as its stakeholders has a clear picture of the organisation’s balance sheet in future (DeMaskey, 1995). That’s why Geczy, et al (1997) observe that an organisation that has a higher long-term debt ratio is more likely to use derivatives. It is also applicable when organisations have accounts payable due in overseas markets (such as importers), forward contracts or future contracts can minimise the negative impact if the home currency is depreciated (McNabb, 2009).
In view of these functions performed by currency derivatives, both management and shareholders are in favour of this tactic. Managers’ remuneration is normally associate d with the organisation’s financial performance. As currency derivatives are normally considered as tactics preferred by risk-averse managers, shareholders appreciate these managers, especially in turbulent times and due to the lesson learned from the credit crisis (Livingstone & Grossman, 2002). This is particularly true in cases where managers have a big ownership share of the organisation (Hagelin, 2003).
Shareholders, who have also become increasingly risk averse, are interested in stability of the return on their investment, instead of a dramatic variance. Currency derivatives contribute to certainty about minimum equity and also a stable debt-to-equity ratio (Livingstone & Grossman, 2002).For shareholders, hedging is primarily dealing with translation exposure (or accounting exposure), reducing the impact of currency movements on an organisation’s balance sheet when the overseas income is converted in the currency of the home country at the end of the financial year (Bodnar & Gebhardt, 1999). A latest example is that
Fisher & Paykel healthcare managed to stabilise its pretax profit in the US market at $ 20 million, despite the relative strength of NZDs in the year to June, 2010 (Adams, 2010).
The cost of using currency derivatives can be a deterrent to organisations, but studies give contrasting conclusions about the relationship between firm size and the use of currency derivatives. Hagelin (2003) found that a smaller firm is more likely than a bigger firm to use currency derivatives (despite the cost), perhaps because smaller firms have limited resources to exercise different options in management. For example, if the currency fluctuation multiplies the debt burden of the organisation, a small firm finds it more difficult to raise fresh money from external funding sources than a big firm does (Hagelin, 2003). As a result, a small firm is more risk-averse than a big firm. Geczy, et al (1997) however found that bigger companies are more likely to use currency derivatives because they have experience in using various currency derivatives and can afford such instruments.
In New Zealand, where small businesses account for a majority of registered companies, the use of currency derivatives is limited, due in large part to the lack of knowledge in this aspect. The cost incurred by currency derivatives is also an important concern. Bodnar & Gebhardt (1999) discover that it is difficult for managers to convince shareholders that it is reasonable to use currency derivatives when hedging against translation exposure, because shareholders are concerned about the cost involved. Shareholders are comfortable with hedging against transaction exposure. In addition, many companies use other tactics other than currency derivatives to reduce the impact of currency fluctuation on their operation. For example, many wine exporters sell products in various markets around the world, thereby reducing the impact of a specific currency on their income (Harris, 2010).
In conclusion, companies use currency derivatives basically for two reasons, speculation or risk minimisation, in response to the fluctuation in the spot market, either favourable or unfavourable to their operation and bottom line. Studies
intend to show that risk minimisation is the predominant purpose. There are different elements companies consider when selecting a currency derivative. The cost of a currency derivative, the macroeconomic environment (whether there is an imminent financial distress), the risk the organisation is willing to take, the nature of the transaction (account payable or receivable), the types of exposure to deal with (transaction exposure or translation exposure) and so forth are among those commonly considered elements. Studies show that organisations use forward contracts more than options in hedging, primarily because forward contracts are less expensive and easier to manage, especially when payment and income are committed. Organisations such as Air NZ and Fonterra have gained considerable benefits from currency hedging, but for other organisations, which are relatively smaller in size, how to use currency derivatives effectively is still an issue of concern.
References
Adams, C. (2010).F&P Healthcare to gain from US reforms. New Zealand Herald, May 27, 2010, page B 001.
Belk., P.A., & Edelshain, D.J. (1997). Foreign Exchange Risk Management —The Paradox. Managerial Finance, 23 (7), page 5 – 24.
Bodnar, G., M.; & Gebhardt, G. (1999). Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey. Journal of International Financial Management & Accounting, 10 (3), page 153-187.
Chan, K. F., Gan, C., & McGraw, P. A. (2003). A hedging strategy for New Zealand's exporters in transaction exposure to currency risk. Multinational Finance Journal, 7 (1/2), page 25-50.
Cusatis, P., & Thomas, M. R. (2005). Hedging instruments and risk management. US: McGraw-Hill Companies.
DeMaskey, A. L. (1995). A Comparison of the Effectiveness of Currency Futures and Currency Options in the Context of Foreign Exchange Risk Management. Managerial Finance, 21 (4), page 40 – 51.
Eiteman, D., Stonehill, A. & Moffett, M. (2009). Multinational Business Finance (12th edition). Addison-Wesley.
Geczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. The Journal of Finance, LII (4), page 1323- 1354.
Hagelin, N. (2003). Why firms hedge with currency derivatives: an examination of transaction and translation exposure. Applied Financial Economics, 13(1), page 55-69.
Harris, C. (2010). Weak pound batters kiwi exporters. Waikato Times, March 27, 2010, Edition 1, page 4.
Hill, C. W. (2006). International Business: Competing in the global marketplace (International edition). New York: Irwin/McGraw-Hill.
Livingstone, J. L., & Grossman, T. (2002). The portable MBA in finance and accounting. New York: John Wiley & Sons, Inc.
Maurer, R., & Valiani, S. (2007). Hedging the exchange rate risk in international portfolio diversification: Currency forwards versus currency options. Managerial Finance, 33 (9), page 667 – 692.
McNabb, D. (2010). Accounting muddles Air NZ bottom line. The Independent Financial Review, Edition A, page 9.
Rutherford, H. (2010). Serious interest in derivatives. Dominion Post, May 18, 2010, September 3, 2009, Edition 2, page 1.
Shoup, G. (1998). The international guide to foreign currency management. Chicago and London: Fitzroy Dearborn Publishers.
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美国大学文书申请范文 I guess it was inevitable that I’d be on hockey skates at some point in my life, but I did not expect that I’d become one of a rare group of female ice hockey officials before I even reached high school. Being born into a family of hockey players and figure skaters, it seemed that my destiny had already been decided. Right from the beginning, my two older brothers and my father strapped me up and threw me onto the ice. I loved it and, in my mind, I was on my way to becoming a female Gretzky! But my mom had to think of something fast to drag her little girl away from this sport of ruffians. Enter my first hot pink figure skating dress! That was all it took to launch fifteen years of competitive figure skating. Even though figure skating soon became my passion, I always had an unsatisfied yearning for ice hockey. It took a great deal of convincing from my parents that competitive figure skating and ice hockey didn’t mix. My compromise became refereeing ice hockey; little did I know that I was beginning an activity that would influence my character and who I am today. When I began, I would only work with my dad and brothers. Everyone was friendly and accepting because I had just started. I soon realized though that to get better I needed to start refereeing with
英国论文（Essay）写作技巧—优越论文 没出过的学生向往国外的学习和生活，留学生烦恼很多，主要就是写Essay 了，一篇一篇的论文堆积如山，熬到半夜两三点还是没写完，勉强过关，第二天还是一整天的课程！无数的学生都在说论文作业很难，写不出来。以下是英国优越论文老师给出的一些Tips. 首先，以下是几点写作论文是必须注意的。 1、尽量少用“I think”“As is known to all”等比较主观评价的词，更不要用未注明来源的引语，比如“有人说过”“一位著名语言学家曾经探讨过”“功能语言学认为”等。 2、要旁征博引，但是不能生吞活剥，东拼西凑。 3、注意文章的简洁性，对发展文章主题没有作用的引文坚决不用。 4、区别直接引用和间接引用。一手资料的引文，比如引用的内容与原文一致的就用引号，并标注来源；一手资料间接引文，如果是归纳他人的观点的，最好是解释性地引用他人的成功，不用引号也不需要标注来源；二手资料间接引文，如果是在阅读某人A文献的时候发现被其引用的另一作者B也有值得引用的观点，引用的方式就是——B(1989)曾指出……f转引自A 19951。这里要求A和B 均必须出现在参考文献中。 5、避免无意的plagiarism，也尽量不要copy.有时候将以前从某书上学习到的观点和理论用于文章中而忽略了其来源，这就造成了无意剽窃。 6、不提出证据不足的观点，也不用“我认为”“大多数研究者会同意这样的观点”等虚张声势的表达方式。 7、任何一个观点都要有来源，或者得到作者的论证。如何证明一个观点其实是比较困难的问题。 其次，要追求Essay的原创性。 原创性是学术追求的目标，也是每一个要写论文的留学生所必须了解的。一般来说，综述性文章的原创性内容比较少，多为介绍他人的论述，少数内容是作者的分析和看法。综述文章又可分为大综述文章和小综述文章，前者覆盖一段历史的理论发展，后者仅限于某人某阶段的理论研究。写综述文章必须做到介绍他人尚未介绍的理论。 有一类文章是批判性的论述文章，这类文章原创的内容有多有少，它的原创部分是建立在对相关理论的批判之上，它所提出的新见解必须论据充分，条理清晰，逻辑性强。实证性的文章原创成分最大，一般是根据以往研究中心出现得不足提出的一个新见解并加以证明，其中实证性的文章一般分为： 1、分析性／推理性实证：将论点建立在语言事实及其分析上，重语言事实及分析工具。 2、实验性实证：根据以往研究的不足提出新的观点或假设，设计试验方法，控制相关变量，收集有效数据并加以分析，并用数据分析的结果来证明文章提出的假设。 3、调查性实证：它是根据以往研究引出的问题设计的调查问卷，探索调查对象在某方面表现出的规律性特征。
哈佛大学个人陈述PS三篇优秀范文示例 撰写留学文书最难的部分是personal statement（PS），我们可以通过以下三篇优秀的哈佛大学优秀essay来了解下，如何撰写高质量的文章。 第一篇申请美国哈佛大学的Essay范文，以音乐才能为主题，采用的是场景描述式来制造戏剧冲突，引起读者注意。Essay题材类型为talent。Essay短文讲述了作者的才能：Music。 "A special Performance" I stood behind the curtains listening to the applause to the previous act. I exhaled, realizing that this was a moment that fulfilled my childhood wish. Tonight was special because instead of an alto aria or a jazz lick, I had prepared a song unique to my identity. I curled my fingers around the microphone and waited impatiently as the curtains opened. My love for performance stemmed from my appreciation of music as a child. In the city in China where I spent the first ten years of my life, I never found a choir to join and never laid eyes on a grand piano. Nonetheless, I treasured my passion for song and sought ways to bring music into my life. I sang with our old record player when I was barely tall enough to reach it. On certain afternoons, my best friend and I would tape bed sheets to the ceiling as curtains and invite neighbors to come listen. There, we sang in duet, danced, and bowed while clasping each other's hands. Captured in our own musical sanctuary, we never noticed the hours that passed by. Music evokes in me the emotions that words and pictures cannot. I also revel in the intellectual challenges that music offers. I find it thrilling to tackle difficult, delicious repertoire, and I enjoy composing my own melodies. Through music, I can share and celebrate my past. When I was asked to share my cultural talents at my high school, I looked for a song that my mother sang when I was young, but I could not find the sheet music. A week before tonight, I sat down by the old piano in the practice room at school. With only the old tune ringing faintly in my mind, my hands soon took a life of their own and experimented with chords, arpeggios, and trills. I superimposed these on the original melody and composed variations. My voice, too, frolicked with the piano as I sang the tune repeatedly. I was lost in another musical paradise. I felt like a child again, tucked under the covers, listening to my mother's song as I drifted away to dreams. Now, dressed in an old Chinese dress that my mother had worn in her youth, I stepped onto the empty stage illuminated by pale blue light. I held the microphone up to my lips and smiled before starting. Then, I brought to life the beautiful ballad that had brightened my childhood in China. My mind overflowed with warm memories of that faraway city as I lulled the audience with my melody. When I caught my mother's face in the audience, I knew she nestled in the same air of nostalgia. Music allows me to present my native culture and contribute to the diversity in my community. It has stimulated my mind and provided an outlet for my creativity. To me, nothing is more pleasurable than being imaginative. Carrying my childhood love of music through my teenage years has been a gratifying experience, and I look forward to continuing in my undergraduate years.
Essay 由introduction，main body, conclusion, reference四部分组成，下面以这篇文章为例，教你如何写作一篇符合格式的essay 全文统一用times new roman字体，小四，1.5倍行距 文章中请不要用I，WE，OUR，YOU，YOUR之类的主观性强的1，2人称，可以用被动语态或其他句型代替 1.0 Introduction (分两部分) Allainz the biggest insurance wants to further expand its business, globally. Among all the countries India and China are two most attractive markets. Before deciding which market to involve in, a detailed market research is indispensable. This essay just gives a comprehensive study over the two markets. (第一个部分介绍essay的主要内容)Firstly, this essay will make a general overview of the insurance industry globally, and the second part is the information of the Allianz Group. Subsequently it will make some market analysis of Chinese insurance market. The analysis of Indian insurance market lies in the fourth part of the easy. Finally it will put forward some recommendation for the marketing selection and entering strategy for the Allianz group. （Introduction第二部分介绍这篇文章的结构，按照firstly, secondly,…finally的固定形式介绍文章结构，你只需列入body里面介绍的每一点） （Introduction之后是main body，把文章分成几个小点讨论，每一点写个小标题，加粗） 2.0 The general overview of the insurance industry globally The insurance industry is the industry dealing in risk and larger sum of money is indispensable for the business of this line. Insurers promise to compensate individuals and businesses for future losses, in exchange for a premium, thus taking on the risk of personal injury, death, and damage to property, unexpected financial disaster and just about any other misfortune. Insurance companies also purchase their own type of insurance, called reinsurance, which allows them to insure large risks and to spread the risk on smaller accounts. Insurance companies rely on investment income to make a profit, since premium alone is typically not adequate to pay claims.
英国留学申请essay 写作常见问题一览 导读：本文英国留学申请essay 写作常见问题一览，仅供参考， 如果能帮助到您，欢迎点评和分享。 英国拥有完善的交体系，一流世界名校，良好的学习环境，每年英国的留学竞争很激烈。想要申请英国大学，都需要提交essay ，好的essay 则能给招生官留下深刻的印象。下面带来了英国留学申请 essay 写作常见问题一览。 1、对申请学校认知不多。 有的学生在选择学校和专业的时候没有仔细考虑自身的情况，甚至有的抱着非名校不读的想法，但是也没有仔细去咨询了解对方学校的情况。因此对于大多学校都会提出的问题why choose this school ，学生不能说出学校的大致情况、特点和优势，回答时敷 衍了事，只说出最表层的一些东西。回答不到位就暴露出自己的态度，很难看出申请人对学校的兴趣和向往程度。点击查看 2、回答问题时没有正确审题。 一些在思想上很懒惰的学生总以为各个学校问的题目差不多就可以互相借用，没有认真审题就把申请学校A 的套用在学校B 上;还 有的学生审题不到位，在内容上出现了很多与主题或者申请不相干的部分。 3、找不到思路，不会转换。 有的学生想考察学生的思维灵活度，想知道学生的专业水平或是 人际交往的态度等，提出的问题都是很简单的。例如芝加哥大学：请 比较苹果和橘子，这个题目就不应该只写两种水果的区别什么的，
可以将两种水果拟人化，各种水果代表哪两种人等等。总之，思维不要太死板，学会转换。 4、词句使用不恰当。 大多英语水平有待提高的学生要么用词太过简单，要么总是喜欢用晦涩、深奥的来让录取官认为自己的具有多大的词汇量。前者会使文章显得没有一点深度，后者容易使文章看着不顺畅，读着拗口。所以，在写作时首先要有条理表明自己的看法，其次使文章读起来语句通顺，再使用一些有真正意义和内涵的语句。 5、文章呈现的语气让人难以接受。 有的文章语气平平毫无生气;有的过于激烈，为了显示自己是对 的，极力鼓吹自己的看法或价值观;有的一味夸对方学校是多么地有 名气，甚至用哀怜的语气博得录取官的同情。这都是不可取的，适当地赞扬即可，尽量使文章读起来有生机活力，做到态度理性冷静客观。 6、语法拼写等小错误。 有的学生单词拼错，语法用错，用翻译机器硬生生地翻译，出现频率过高。学生不仅需要提高英文水平，最好是学会英语思维。 1、英文论文的语言使用规范可以用来检测学生在各个学历阶段 英语学习的情况。单词拼写错误是否明显，用词的选择是否恰当，句式上是否仍带有Chinglish 的痕迹，从整个语篇来看是否具有英式思维。 2、英文论文的语言使用规范可以用来检测学生在撰写论文时的 思路逻辑。语言使用规范不仅包括字词句的使用，还有句段和逻辑，以及文体文风。不同的论文能看出不同的写作思路、论证方法，有的是先提出问题，最后下结论，有的是在文章开头就给出自己要论证的观点，然后铺开陈述和论证。 3、英文论文的语言使用规范可以用来检测学生上课是否有听导
Personal Statement Applied Program: LL.M. Degree at Harvard Law School Requirements: Please read parts (a) and (b) below carefully and write an essay addressing both questions, with (a) constituting at least half of the total length. Your entire statement should be no more than 1,500 words ---anything exceeding the word limit will be disallowed. Please type or word-process your statement, with your full name on the top of each page and your signature at the end, and attach it to your application. Briefly describe either an important issue in your field of interest or a current legal problem facing a particular country, region, or the world, and then propose a theoretical framework or a strategy you would use to address this issue. (b) Please tell us something about yourself – in particular, why you wish to pursue an LL.M. degree at Harvard and how doing so connects with what you have done in the past and what you plan to do in the future. Part A A current legal problem facing China is the judicial corruption and injustices. China’s existing judicial system, established under the conventional framework, is increasingly failing to facilitate the development of the market economy and the formation of a society ruled by law. Judicial injustices have constituted the most serious obstacle that are seriously endangering China’s social and economic programs, jeopardizing social stability and resulting in the general public’s skepticism, distrust and even contempt for the authority of law. China’s accession into the WTO, a drastic event which marks China’s determination to conform to international practices, has further rendered the existing judicial system obsolescent. The system of market economy, which China is assiduously trying to establish, will be inconceivable without a sound judicial system. With the reform in China’s judicial system becoming inevitable, several strategies can be adopted. First, as the core of judicial reform, judicial independence is the guarantee for overcoming the weak condition of the judicial realm and for creating a just judicial system and implementing constitutional government. The core of judicial independence is the exercise of complete autonomy in the execution of judicial power, with no interference of any external factors, especially the interference from other components of the political system. Judicial independence can be understood on three levels: the independence of the judicial power, the independence of the court and the independence of the judge. The independence of the judicial power necessarily requires the independence of the court. When the independence of the court reaches a certain point, the independence of the judge will correspondingly
据优越论文网资深专家老师介绍，留学生平常作业太多，毕业论文又太隆重，她们大多会选择论文辅导机构完成作业，然而很多机构其实都是穿着信誉的外衣干着欺骗学生的事情，交出的稿子一看质量就很差，有的是抄袭率太高，大多复制粘贴完成的。而优越论文拿出的稿子无一不是原创。优越论文网老师现在就跟各位说说抄袭率的事情吧。 首先要知道什么是抄袭。 外国大学对于学生交上去的文章都会一一查重，使用官方检测系统检测论文的抄袭率，如果有连续13个字相同或者文章要论证的观点相同相似就是抄袭。 其次要知道抄袭一般使用的伎俩。 有的论文机构不负责任，对于学生的要求敷衍了事，交给学生的稿子没有经过抄袭率检测，学生一上交就被打回来了。其中主要有以下一些方式： 1、对于某一篇较好的文献有抄袭主要观点、整体思路和框架，在文章结尾的reference故意不放上这一篇文章。 2、从一篇文章中抄袭句子。有的是有自己的要论证的观点，但是在陈述的时候不是引用别人的某一观点，而是直接大段大段地复制，而且来自于同一篇文章。 3、从不同的文章分别复制粘贴。有的写手比较偷懒的，觉得是同一类的参考文献，可以使用的就一股脑地全贴合上去，全然不顾文章大局。 4、将中文期刊或是著作中比较符合的句子或观点直接英文翻译过去。导师基本上所有的时间都在做研究，对于某一块的文献都会看到的，正如国内的也都会看国外的文献一样，如果有的导师中文还可以的一眼就能发现。甚至对于有些太过专业的中文观点有的写手翻译不出，直接找翻译器翻译的，语法、语句、逻辑都有很大的问题。 优越论文网的辅导老师都是非常认真负责和专业的，会仔细研究学生平常上课的内容、课件，根据学生的个人风格写出专属个人的论文，会使用专业的Turn it in论文检测系统检查抄袭率，保证抄袭率绝对低于5%。优越论文老师交出的稿子是原创的，是保证通过的。如果有任何的问题，欢迎找到优越论文网，我们会竭尽全力解决您的一切问题的。
一寸光阴不可轻 外国大学申请书范文 Dear Sir， I am writing in the hope that I may obtain an opportunity to further my study in Applied Physics toward Master degree in your university. My name is Li Jin，an undergraduate student of the Department of Applied Physics，Huabei University.Next year in the summer，I will graduate and get my B.S.degree.I plan to continue my study and research in this field.I chose Boston University because there are a congenial team of researchers，an array of databases and research projects in your school of Physics.I believe my interests are extremely congruent with the strengths of the school.And my solid academic background will meet your general entrance requirements for graduate study. I will appreciate it very much if you could send me the Graduate Application Forms，the Application Form for Scholarships/Assistantships，and other relevant information.My mailing address is shown on the top of this letter. I am looking forward to hearing from you soon. Sincerely yours， Li Ming 1
留学英国的同学们一定会面对大量的英国essay写作，掌握好英国essay写作技巧，那么就 可以事半功倍的完成英国essay了。接下来就随hansedu小编一起看一看写好英国essay写 作的九大技巧。 英国Essay写作技巧一：思考 其实，给自己留一些思考时间是非常重要的。如果在开始写essay之前，同学们有进行过pre-thinking，那么你会有足够的时间去找相关资料，否则边写essay边查找资料，这样会打断你的写作思维。所以在开始essay之前，一定要给自己留一些时间思考。 英国Essay写作技巧二：与导师沟通 导师的作用并不仅仅是讲解lecture，在开始essay之前先跟导师进行一次沟通，把自己的想法，做了哪些research并且提出自己的idea。导师很清楚你们所在大学的examiner想要的 是什么，所以tutor是引导你达到assignment标准的最佳人选。 英国Essay写作技巧三：理清写作思路 开始essay写作之前同学们应该先做一个初步计划，制定一个大致的结构，你想要的essay 是什么样的?如果想要达到预期效果需要做哪些research?这些都是需要考虑清楚的，所以在写作之前，先做个详细的研究计划吧。 英国Essay写作技巧四：让别人来检查你的论点 想要做到essay论点清晰可见是有一定难度的。所以可以请求你的同学、朋友或是导师来验证你的思维，看一看是否有矛盾之处存在。毕竟客观的视角常常可以看见我们看不到的东西。 英国Essay写作技巧五：Reference很重要 不要小看了reference的重要性，如果你的reference一旦出现问题，那么分数至少会减少10%。要知道在英国，各个大学对学生剽窃的行为抓得很紧，所以如果你想要复制粘贴，那基本是不可能的。 英国Essay写作技巧六：校对工作不能少 因为自己对essay写作内容太过熟悉，所以反而看不出什么问题。因此同学们可以借助新的视角来检查你的essay，或者借助一些辅助工具来看一看是否存在拼写等错误。 英国Essay写作技巧七：数字使用规范 无论你是哪个专业，essay里边出现的数字、图形以及表格都需要严格把关。一旦出现明显的数据错误，那么examiner是不会手下留情的。 英国Essay写作技巧八：内容要创新 如果大家的essay都千篇一律，那么难免引起视觉疲劳。如果你的essay内容没有新的观点 新的内容，无法让人有想要读下去的欲望，那么结果也就可想而知了。所以在写作过程中一定要有自己的观点，在表达上也尽量简洁而生动有趣。 英国Essay写作技巧九：检查格式 最后一定不要忘记检查essay的写作格式，毕竟这是最简单易得的分数。Essay的行间距、 边距、字体以及引用样式都要一一检查。
哈佛大学留学申请书范文 通过学习留学申请书范文可以帮助大家熟悉申请文书写作的规范，今天给大家提供一篇申请哈佛大学的申请文书范文，希看对大家有所帮助。 Of all the characters that I' ve " met" through books and movies, two stand out as people that I most want to emulate. They are Attacus Finch from T o Kill A Mockingbird and Dr. Archibald " Moonlight" Graham from Field of Dreams. They appeal to me because they embody what I strive to be. They are influential people in small towns who have a direct positive effect on those around them. I, too, plan to live in a small town after graduating from college, and that positive effect is something I must give in order to be satisfied with my life. Both Mr. Finch and Dr. Graham are strong supporting characters in wonderful stories. They symbolize good, honesty, and wisdom. When the story of my town is written I want to symbolize those things. The base has been formed for me to live a productive, helpful life. As an Eagle Scout I represent those things that Mr. Finch and Dr. Graham represent. In the child/adolescent world I am Mr. Finch and Dr. Graham, but soon I' ll be entering the adult world, a world in which I' m not yet prepared to lead.
标题页 给所写文章起一个合适的标题 格式居中，二号字体，TIMES NEW ROMAN，加重
T able of contents目录页 先将写好文章中的小标题设置格式，然后这里用WORD插入引用自动生成目录，根据情况适当调整行间距，字体大小。下面是例子。 Introduction (3) Main body (3) Engineering Ethics (3) Ethics in University Education (4) Conclusion (6) References (7)
正文开始，注意行间距1.5，字体小四，TIMES NEW ROMAN,每段开始不空格，段段之间空一行 Introduction 只写一段（字数占全文10%左右） Main body Engineering Ethics According to Davison and Kock (2004), “professional Ethics concerns one's conduct of behavior and practice when carrying out professional wo rk.” There are a great many professional bodies throughout the world that put forward important institutionalized “codes of conduct and codes of practice” for their members to follow. In many counties, medical ethics, legal ethics and business ethics are repeatedly discussed by the public and even regarded compulsory to the practitioners. Engineering ethics has also been becoming an increasing concern over the past decades, during which the world witnessed some momentous events like stratospheric ozone depletion, cloning technology, the Challenger disaster and so on, which are closely related to the issue of engineering ethics. Professional bodies of engineering like the US professional engineering associations, the German Association of Engineers and the Institution of Engineers, Australia, are getting more active. Engineering codes of ethics vary by different cultures and might still remain